IronPlanet announced it has closed a new $55 million senior secured credit facility. The new facility, which has a five year maturity, repays a prior senior secured loan and provides additional capital for growth.
IronPlanet said SunTrust Bank was the administrative agent and SunTrust Robinson Humphrey served as lead arranger. Syndicate members are SunTrust Bank, Capital One, JPMorgan Chase, Regions Bank and Silicon Valley Bank.
Orrick, Herrington & Sutcliffe represented IronPlanet and Jones Day represented SunTrust in the transaction.
“IronPlanet is continuing to build on the momentum we’ve gathered over the last year and this new financing will help fund our future growth,” said Gregory J. Owens, IronPlanet chairman and CEO. “Since last September, we’ve entered two new verticals, oil and gas, with the purchase of Kruse Energy and Equipment Auctioneers, and government surplus, which we launched as GovPlanet. In April, we merged with Cat Auction Services which strengthened our relationship with Caterpillar and their dealers globally and added an onsite component to our sales channels.”
Pleasanton, CA-based IronPlanet is an online marketplace for used heavy equipment and an innovative participant in the multi-billion dollar heavy equipment auction market. Since 2000, IronPlanet has sold over $4 billion of used equipment online and has built a database of more than 1.4 million registered users worldwide.
Like this story? Begin each business day with news you need to know! Register now for FREE Daily E-News Broadcast and start YOUR day informed!